many projects although the Company has already been hired. (2) Cost of sales In the third quarter of 2020, the Company and its subsidiaries had total cost of sales at the amount of Baht 356 million

year ended of 2018, company and subsidiaries had less total assets than last year 2017 at Baht 38.45 million or 3.17 %, which consisting of Costs of real estate development projects for sale, deposit for

higher rainfall than the previous quarter, and the lower solar panel installation projects. PAGE 3 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q3 2019 Executive Summary Q3/2019 Significant Events Comparing 9M

. Because of the Company and subsidies have transferred the ownership the following rights to the projects as follows; J Biz-J town- J City -J villa preaksa , J Biz- J Town J City - J Villa Rangsit, J Biz- J

Company to invest in other projects and repay its obligation to reduce the Company’s financial burden. Please be informed accordingly. Sincerely Yours U City Public Company Limited

is a subsidiary with 100% shareholding by TSE of which TSEO has invested in the solar power plant projects in category of ground mounting in Japan, totaling of 8 projects with the accredited power

the increased of the market competition both of the competitor and the pricing, some projects could not continue to extend the services. However, the Private sector’s customer has continued growth, both

of holiday club memberships increased by Baht 780 million. The revenue recognition of the property sales projects (Banyan Tree Deluxe Double Pool Villas, Banyan Tree Grand Residences, Cassia Phuket

which follow the plan of transition of the company. However, the Company has increment of expenses from the previous year that was mainly from feasibility study of new projects which will generate

slowdown, then most of big projects has been postponed. 2. Revenue from services Revenue from services for this year was totally at THB 744.5 million, increased by THB 48.5 million or 7.0% when compared to